Monday, 24 October 2016
Last updated 2 days ago
Aug 18 2009 | 4:46am ET
As the Asian hedge fund industry rises from the ashes of last year’s huge losses and huge redemptions, a number of Korean financial services firms are hoping to play middleman in the resurgent space.
Kookmin Bank, Industrial Bank of Korea, Samsung Securities and Woori Investment & Securities have earmarked more than US$1 billion to build up hedge fund platforms for institutional investors, Asian Investor reports. Woori and Samsung have set up their platforms in Singapore, while Kookmin has opted for Asia’s hedge fund capital, Hong Kong.
Hwang Sung-ho, CEO of Woori I&S, said the firm’s platform is small, but that it is investing substantial resources into building it up. The firm hopes it will be the centerpiece of a multi-asset strategy group.
Woori is also creating a hedge fund index, AI reports.